South Africa’s current account deficit improved slightly in Q3 2024, narrowing to -R70.8 billion from -R75.3 billion in Q2, remaining stable at around -1% of GDP. The trade surplus dipped marginally to R177 billion as exports fell more than imports, reflecting weak global and domestic demand. Meanwhile, a reduction in the services, income, and transfer account deficit to -R247.8 billion from -R254.7 billion indicated a drop in outflows, though structural challenges persist due to South Africa’s reliance on external financing and primary income outflows. On the whole, the improvement in the current account balance could be a function of weaker domestic economic growth, as lower dividends and service payments coincided with subdued investment and consumption demand. These trends emphasise the need for structural reforms to foster sustainable growth.